Gentrification

Real Estate Wire

New York Plaza Hotel, the plaza
  • The sultan of Brunei’s interest in the Plaza was all fluff, but the landmark hotel is still up for sale. The hotel will likely fetch $2B, but any deal will be extremely complicated given the current ownership structure. [NYT]
  • Post-gentrifiers are upset with the post-post-gentrifiers that have driven Williamsburg’s prices sky high. [NYT]
  • The George Washington Bridge Terminal is finally getting its long-awaited facelift. The station will be closed while the $183 million upgrade is undertaken. [NYT]
  • Heritage Equity Partners’ Toby Moskovits talks about his conversion of St. Vincent De Paul Church in Williamsburg into a rental building. [Crain’s]
  • A profile of the top investors backing NYC’s hottest real estate tech startups. [TRD]
  • Brookfield‘s SOM-designed apartment tower near Hudson Yards has a new look. [Curbed]

The Plaza Hotel, image by Luxuo (left); St. Vincent De Paul Church in Williamsburg (right)

Featured Story

Brooklyn, City Living, Features, opinion

Is Brooklyn the Shark That Can’t Be Jumped?

By Andrew Cotto, Wed, June 11, 2014

barclays jay z and michael jordan

My wife and I took the kids to the Barclays Center in early 2013, during the Nets’ inaugural season in Brooklyn. There had been a lot of hype, not only about the Nets but also about the new arena. And there had been a lot of flack about both the Nets and the arena, respectively, as well. But after all the back and forth, over many years, both the stadium and the Nets were part of Brooklyn, and while we had been ambivalent observers during the whole imbroglio, we were anxious to check things out once matters were settled.

The arena impressed. Spacious corridors and lots of polished surfaces. Professional and courteous service. We roamed around each level, sampling food and drinks from some of Brooklyn’s finest eateries and breweries. And, of course, a stop at the gift shop was mandatory for the kids to purchase Nets gear which had become the unofficial uniform of Brooklyn’s youth. By the time we sat down in our seats, we were definitely on board with the whole Nets/Barclays thing. The pregame production turned out to be top notch, too: dancers, acrobats, a DJ named TJ, a knight-of-some-sort who shot t-shirts into the crowd, and a super-stylish MC definitely on point, ratcheting the crowd into a pseudo-frenzy (it was only a mid-season game against Atlanta after all). And when the lights dimmed, and the music loomed, it was on for real: through the loud speakers came a familiar voice, smooth and deep, informed by a trademark flow…

“Welcome to Brooklyn, y’all…”

Oh my good-ness! That’s Jay-Z!

“Birthplace of Michael Jordan.”

 
Read more of Andrew’s story here

New Developments, Williamsburg

OOSTEN by PIET BOON

Back in 2012, Chinese company Xinyuan Real Estate Co. purchased a $54.2 million, 92,000-square-foot, Kent Ave. site in Williamsburg for its first development in the U.S. — which they said, of course, would be slated for a luxury condo building. Now it looks like their dev team is ready to kick it into high gear and Xinyuan has enlisted the help of Fortress Investment Group in the form of a $165 million loan. An interestingly enough, the project is the beautiful Oosten condo development designed by Dutch architect Piet Boon.

Details and Renderings of Xinyuan’s development here

Featured Story

Art, Brooklyn, Features, Manhattan, Queens

10 New York Neighborhoods for Artists Now

By Dana Schulz, Tue, May 20, 2014

cool neighborhoods, artist neighborhoods, ny artists, where ny artists live, up and coming ny neighborhoods, brooklyn neighborhoods for artists, new york neighborhoods for artists, queens neighborhoods for artists, upper east side, bushwick, newark new jersey, west harlem, arty neighborhoods, where to live brooklyn, where to live nyc, where to live manhattan, where to live queens

Update: Check out our 2017 edition for the latest!

It’s become all too common in New York City — artists move into a neighborhood, make it trendy and culturally vibrant, and then are forced out by rising rents. It happened in Greenwich Village, Soho, the East Village, DUMBO, and Williamsburg. Do not be disheartened, though, there are still plenty of artist enclaves with thriving creative communities. Ahead are our ten current frontrunners — some may surprise you!

Where the artists are flocking

Featured Story

Carroll Gardens, City Living, Features

Carroll Gardens, Brooklyn, NYC irony, Alanis Morissette, David Foster Wallace, food, restaurants, Brooklyn parking, Brooklyn crowding, The Warriors, NYCsubways

David Foster Wallace is credited with predicting way back in the mid-90s that excessive irony would lead to the ruin of our culture. Around that same time, Alanis Morissette had her own far less erudite and flawed take on irony, which went a little something like this:

“It’s like rain on your wedding day
A free ride when you already paid
Some good advice that you just didn’t take…”

With all due respect to the prescience of DFW, life for me — at least these days in my Brooklyn neighborhood of Carroll Gardens — far more resembles Alanis Morissette’s screwy version of irony.

6sqft’s Andrew Cotto — an author of two novels and a journalist whose work has appeared in The New York Times, Men’s Journal, and Salon.com — will be sharing his experiences as he makes his way around New York City. This week, he describes life in Carroll Gardens.

Carroll Gardens. Isn’t it Ironic?

Architecture, Manhattan

New york city gentrification, NYC gentrification, NYC storefronts, James and Karla Murray, Karla Murray, James Murray, Store Front: The Disappearing Face of New York

If it seems like Starbucks and Duane Reade are colonizing the streets of New York City, there’s now photographic proof. A new series from shutterbugs James and Karla Murray looks at the rapidly changing face of Gotham’s storefronts and — no surprise — they’re getting more corporate.

Gone are the colorful mom-and-pop signage the Murrays shot just a decade ago for their book Store Front: The Disappearing Face of New York. In their place? Fast food franchises, banks, and high-end boutiques.

A peek inside the book

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